Mastercard speaks on losses from suspension of work in Russia

Mastercard speaks on losses from suspension of work in Russia

The international payment system Mastercard suffered losses due to the suspension of activities in Russia and international sanctions against its individual customers.

"Net expenses consist of $34 million in administrative expenses related primarily to provisions for the uncollectible balances of certain sanctioned customers, which is offset by $30 million in net income", the company said in a report last quarter. The company's quarterly loss from operations amounted to $4 million and "is directly related to the sanctions imposed and the suspension of business operations in Russia".

At the same time, Mastercard's total quarterly net profit of grew 43% in annual terms and amounted to $2.631 billion.

Let us remind you that Visa’s losses in Russia amounted to $35 million

 

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